Pharmaceutical company, Pfizer announced a COVID-19 vaccine today, 9th November 2020, and Zoom saw its stock drop by about 16%.
Zoom video communications had seen a massive surge in number of users in the middle of the COVID-19 pandemic. This also led to its stocks rising to unprecedented heights. As of the previous trading day, Zoom’s stocks had been 650% up.
However, since restrictions have been lifted in many locations of the world, the software has seen less users. It has left many top ten list of most downloaded apps around the world. The positive news about a vaccine has meant that investors are selling off their shares, Business Insider explained in a report.
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It does not also help that Pfizer CEO Albert Bourla is so confident about the effectiveness of the vaccine. He had even said that he would like to be among the first to take the COVID-19 vaccine, according to CNBC. Bourla expects that demand for Pfizer COVID-19 vaccine will be higher than they can produce because of its effectiveness.
Pfizer had partnered with BioNTech to manufacture this vaccine that they claim is more than 90% effective in preventing COVID-19. Zoom is not alone in this impending doom on virtual worlds. DocuSign, a company that provides reliable and globally trusted service for electronic signatures and approvals; Peloton, an exercise equipment and media company that offers online fitness classes; and Wayfair, a company that sells affordable home equipment all also suffered losses.
This is not the first time that good news turned to bad news for Zoom and others like it. When Gilead, Moderna, and AstraZaneca, announced possible vaccine releases; it led the video conferencing company’s stock to drop.
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